In a statement, Malone said the latest donation is a reflection of his confidence in the charter school system's focus on science, technology, engineering and math, or STEM.

The donation will be used to develop more leadership opportunities for educators. Money will also be used for professional development and merit pay for teachers.

"It's going to help us develop better teachers and leaders and to provide teachers and leaders with better learning opportunities," said Bill Kurtz, CEO of DSST Public Schools. "This all comes back in the end to us being more effective for our students."